Account tokenization for virtual currency resources

ABSTRACT

Embodiments of the present invention are used in a token based financial transaction system, whereby individual tokens associated with one or more financial accounts provided to one or more third parties. Embodiments credit an amount of a virtual currency in at least one bank account of a customer, wherein the at least one bank account has an associated amount of funds that is increased by the credit of the amount of virtual currency; generate a payment token associated with the at least one bank account of the customer; receive a transaction request to process a transaction using the token; determine that the transaction request is associated with a transaction having a transaction amount less than or equal to the amount of funds associated with the at least one bank account; and approve and settle the transaction.

CROSS-REFERENCE TO RELATED APPLICATION

This application is a continuation filing of U.S. patent applicationSer. No. 14/871,293 filed Sep. 30, 2015, entitled “ACCOUNT TOKENIZATIONFOR VIRTUAL CURRENCY RESOURCES,” the contents of which are herebyincorporated by reference.

FIELD

This invention relates generally to the field of improving security fortransactions, and more particularly embodiments of the invention relateto using tokens in place of account information in various ways in orderto enter into transactions securely.

BACKGROUND

Entering into transactions using account information leaves an accountholder open to potential account misappropriation because the customer'saccount information is shared between multiple parties (e.g., anotheruser, a merchant, an acquiring financial institution, paymentassociation networks, issuing financial institution, or the like) inorder to complete the transaction.

BRIEF SUMMARY

Embodiments of the present invention address the above needs and/orachieve other advantages by providing apparatuses (e.g., a system,computer program product, and/or other device) and methods that help toenter into transactions using a token in place of actual accountinformation.

Embodiments of the present invention disclose utilizing a token (e.g., avirtual payment instrument, or the like) associated with a paymentdevice (e.g., a personal computer, a laptop, a mobile device, such as aphone, smartphone, tablet, or personal display device, a fob, paymentwand, or any other like device) to enter into transactions. In someembodiments the token is associated directly with a payment device,while in other embodiments the token may be associated with a digitalwallet that is associated with the payment device.

According to embodiments of the invention, a system for use in a tokenbased financial transaction system, whereby individual tokens associatedwith one or more financial accounts provided to one or more thirdparties, the system includes a memory device; and a processing deviceoperatively coupled to the memory device, wherein the processing deviceis configured to execute computer-readable program code to credit anamount of a virtual currency in at least one bank account of a customer,wherein the at least one bank account has an associated amount of fundsthat is increased by the credit of the amount of virtual currency;generate a payment token associated with the at least one bank accountof the customer; receive a transaction request to process a transactionusing the token; determine that the transaction request is associatedwith a transaction having a transaction amount less than or equal to theamount of funds associated with the at least one bank account; andapprove and settle the transaction.

In some embodiments, the processing device is further configured toexecute computer-readable program code to settle the transaction in anactual currency; and debit the bank account of the customer, therebyresulting in a reduction of the amount of the virtual currency.

In some embodiments, the processing device is further configured toexecute computer-readable program code to break-up the amount of thevirtual currency into at least a first and a second partial virtualcurrency amounts; credit the first partial virtual currency amount in afirst of the at least one bank account of the customer; and credit thesecond partial virtual currency amount in a second of the at least onebank account of the customer.

In some embodiments, the processing device is further configured toexecute computer-readable program code to enable standard unauthorizedtransaction protections regarding use of the token in a transaction,wherein the standard unauthorized transaction protections are notavailable for standard virtual currency transactions.

In some embodiments, the at least one bank account is credited only withvirtual currency and any token issued in association with the at leastone bank account is associated only with virtual currency but configuredto be used in standard currency transactions.

In some embodiments, the processing device is further configured toexecute computer-readable program code to convert the amount of thevirtual currency to a credit amount of actual funds for crediting the atleast one bank account; wherein the payment token is associated withactual funds.

In some embodiments, the processing device is further configured toexecute computer-readable program code to maintain one or more of the atleast one bank accounts as virtual currency without converting at leasta portion of the currency to actual funds for crediting; associate thegenerated payment token with a transaction limit amount of actual funds;and in response to approving the transaction conducted in actual funds,request, from a virtual currency exchange, an exchange of an amount ofthe virtual currency from the at least one bank account for thetransaction amount of actual funds. In some such embodiments, theprocessing device is further configured to execute computer-readableprogram code to send the amount of the virtual currency from the atleast one bank account to the exchange; and receive the amount of actualfunds from the exchange. In some embodiments, the processing device isfurther configured to execute computer-readable program code todetermine a current exchange rate between the virtual currency and theactual currency; and wherein the amount of funds of the bank account isan actual amount of funds and crediting the at least one bank accountcomprises converting the virtual currency to actual currency based onthe current exchange rate.

According to embodiments of the invention, a computer program productfor use in a token based financial transaction system, wherebyindividual tokens associated with one or more financial accountsprovided to one or more third parties, the computer program productcomprising at least one non-transitory computer-readable medium havingcomputer-readable program code portions embodied therein, thecomputer-readable program code portions includes an executable portionconfigured to credit an amount of a virtual currency in at least onebank account of a customer, wherein the at least one bank account has anassociated amount of funds that is increased by the credit of the amountof virtual currency; an executable portion configured to generate apayment token associated with the at least one bank account of thecustomer; an executable portion configured to receive a transactionrequest to process a transaction using the token; an executable portionconfigured to determine that the transaction request is associated witha transaction having a transaction amount less than or equal to theamount of funds associated with the at least one bank account; and anexecutable portion configured to approve and settle the transaction.

In some such embodiments, the computer-readable program code portionsfurther comprise an executable portion configured to settle thetransaction in an actual currency; and an executable portion configuredto debit the bank account of the customer, thereby resulting in areduction of the amount of the virtual currency. In other suchembodiments, the computer-readable program code portions furthercomprise an executable portion configured to break-up the amount of thevirtual currency into at least a first and a second partial virtualcurrency amounts; an executable portion configured to credit the firstpartial virtual currency amount in a first of the at least one bankaccount of the customer; and an executable portion configured to creditthe second partial virtual currency amount in a second of the at leastone bank account of the customer.

In some embodiments, the computer-readable program code portions furthercomprise an executable portion configured to enable standardunauthorized transaction protections regarding use of the token in atransaction, wherein the standard unauthorized transaction protectionsare not available for standard virtual currency transactions.

In some embodiments, the at least one bank account is credited only withvirtual currency and any token issued in association with the at leastone bank account is associated only with virtual currency but configuredto be used in standard currency transactions.

In some embodiments, the computer-readable program code portions furthercomprise an executable portion configured to convert the amount of thevirtual currency to a credit amount of actual funds for crediting the atleast one bank account; wherein the payment token is associated withactual funds.

In some embodiments, the computer-readable program code portions furthercomprise an executable portion configured to maintain one or more of theat least one bank accounts as virtual currency without converting atleast a portion of the currency to actual funds for crediting; anexecutable portion configured to associate the generated payment tokenwith a transaction limit amount of actual funds; and an executableportion configured to, in response to approving the transactionconducted in actual funds, request, from a virtual currency exchange, anexchange of an amount of the virtual currency from the at least one bankaccount for the transaction amount of actual funds.

In some embodiments, the computer-readable program code portions furthercomprise an executable portion configured to send the amount of thevirtual currency from the at least one bank account to the exchange; andan executable portion configured to receive the amount of actual fundsfrom the exchange.

In some embodiments, the computer-readable program code portions furthercomprise an executable portion configured to determine a currentexchange rate between the virtual currency and the actual currency; andwherein the amount of funds of the bank account is an actual amount offunds and crediting the at least one bank account comprises convertingthe virtual currency to actual currency based on the current exchangerate.

According to embodiments of the invention, a method for use in a tokenbased financial transaction system, whereby individual tokens associatedwith one or more financial accounts provided to one or more thirdparties, the method includes crediting an amount of a virtual currencyin at least one bank account of a customer, wherein the at least onebank account has an associated amount of funds that is increased by thecredit of the amount of virtual currency; generating a payment tokenassociated with the at least one bank account of the customer; receivinga transaction request to process a transaction using the token;determining that the transaction request is associated with atransaction having a transaction amount less than or equal to the amountof funds associated with the at least one bank account; and approvingand settling the transaction. In some such embodiments, the method alsoincludes settling the transaction in an actual currency; and debitingthe bank account of the customer, thereby resulting in a reduction ofthe amount of the virtual currency.

The features, functions, and advantages that have been discussed may beachieved independently in various embodiments of the present inventionor may be combined in yet other embodiments, further details of whichcan be seen with reference to the following description and drawings.

BRIEF DESCRIPTION OF THE SEVERAL VIEWS OF THE DRAWINGS

Having thus described embodiments of the invention in general terms,reference will now be made to the accompanying drawings, wherein:

FIG. 1 illustrates a high level process flow for a entering into atransaction using a token, in accordance with one embodiment of thepresent invention;

FIG. 2 illustrates a high level process flow for a entering into atransaction using a token, in accordance with one embodiment of thepresent invention;

FIG. 3 illustrates a high level process flow for a entering into atransaction using a token, in accordance with one embodiment of thepresent invention;

FIGS. 4A-4C illustrate process flows for account tokenization forvirtual currency resources, in accordance with one embodiment of thepresent invention; and

FIG. 5 illustrates a block diagram for a token system environment, inaccordance with one embodiment of the present invention.

DETAILED DESCRIPTION OF EMBODIMENTS OF THE INVENTION

Embodiments of the present invention will now be described more fullyhereinafter with reference to the accompanying drawings, in which some,but not all, embodiments of the invention are shown. Indeed, theinvention may be embodied in many different forms and should not beconstrued as limited to the embodiments set forth herein; rather, theseembodiments are provided so that this disclosure will satisfy applicablelegal requirements. Like numbers refer to like elements throughout.Although some embodiments of the invention described herein aregenerally described as involving a “financial institution” or “bank,”one of ordinary skill in the art will appreciate that other embodimentsof the invention may involve other businesses or institutions that takethe place of or work in conjunction with the financial institution orbank to perform one or more of the processes or steps described hereinas being performed by a financial institution or bank. Still in otherembodiments of the invention the financial institution or bank describedherein may be replaced with other types of businesses or institutionsthat offer account services to customers.

The present invention relates to tokenization, which is generallydescribed in the area of financial transactions as utilizing a “token”(e.g., an alias, substitute, surrogate, or other like identifier) as areplacement for sensitive account information, and in particular accountnumbers. As such, tokens or portions of tokens may be used as a stand infor a user account number, user name, pin number, routing informationrelated to the financial institution associated with the account,security code, or other like information relating to the user account.The one or more tokens may then be utilized as a payment instrument tocomplete a transaction. The one or more tokens may be associated withone or more payment devices directly, or within one or more digitalwallets associated with the payment devices. In other embodiments, thetokens may be associated with electronic transactions that are made overthe Internet instead of using a physical payment device. Utilizing atoken as a payment instrument instead of actual account information, andspecifically an account number improves security, and providesflexibility and convenience in controlling the transactions, controllingaccounts used for the transactions, and sharing transactions betweenvarious users.

Tokens may be single-use instruments or multi-use instruments dependingon the types of controls (e.g., limits) initiated for the token, and thetransactions in which the token is used as a payment instrument.Single-use tokens may be utilized once, and thereafter disappear or areerased, while multi-use tokens may be utilized more than once beforethey disappear or are erased.

Tokens may be 16-digit numbers like credit, debit, or other like accountnumbers, may be numbers that are less than 16-digits, or may contain acombination of numbers, symbols, letters, or the like, and be more than,less than, or equal to 16-characters. In some embodiments, the tokensmay have to be 16-characters or less in order to be compatible with thestandard processing systems between merchants, acquiring financialinstitutions (e.g., merchant financial institution), card associationnetworks (e.g., card processing companies), issuing financialinstitutions (e.g., user financial institution), or the like, which areused to request authorization, and approve or deny transactions enteredinto between a merchant and a user. In other embodiments of theinvention, the tokens may be other types of electronic information(e.g., pictures, codes, or the like) that could be used to enter into atransaction instead of, or in addition to, using a string of characters(e.g., numbered character strings, alphanumeric character strings,symbolic character strings the like).

A user may have one or more digital wallets on the user's paymentdevice. The digital wallets may be associated specifically with theuser's financial institution, or in other embodiments may be associatedwith a specific merchant, group of merchants, or other third parties.The user may associate one or more user accounts (e.g., from the sameinstitution or from multiple institutions) with the one or more digitalwallets. In some embodiments, instead of the digital wallet storing thespecific account number associated with the user account, the digitalwallet may store a token or allow access to a token in order torepresent the user account information (e.g., account number, user name,pin number, or the like). In other embodiments of the invention, thedigital wallet may store some or all of the user account information,including the user account number, but presents the one or more tokensinstead of the user account information when entering into a transactionwith a merchant. The merchant may be a business, a person that isselling a good or service (hereinafter “product”), or any otherinstitution or individual with which the user is entering into atransaction.

The digital wallet may be utilized in a number of different ways. Forexample, the digital wallet may be a device digital wallet, a clouddigital wallet, an e-commerce digital wallet, or another type of digitalwallet. In the case of a device digital wallet the tokens are actuallystored on the payment device. When the device digital wallet is used ina transaction the token stored on the device is used to enter into thetransaction with the merchant. With respect to a cloud digital walletthe device does not store the token, but instead the token is stored inthe cloud of the provider of the digital wallet (or another thirdparty). When the user enters into a transaction with a merchant,transaction information is collected and provided to the owner of thecloud to determine the token, and thus how the transaction should beprocessed. In the case of an e-commerce digital wallet, a transaction isentered into over the Internet and not through a point of sale terminal.As was the case with the cloud digital wallet, when entering into atransaction with the merchant over the Internet the transactioninformation may be captured and transferred to the wallet provider(e.g., in some embodiment this may be the merchant) or another thirdparty that stores the token, and the transaction may be processedaccordingly.

Specific tokens, in some embodiments, may be tied to a single useraccount, but in other embodiments, may be tied to multiple useraccounts, as will be described throughout this application. Moreover,the tokens may be associated with a specific digital wallet or multipledigital wallets based on the institutions and accounts with which thetokens may be associated. Moreover, the tokens themselves, or the useraccounts, users, digital wallets, or the like associated with the tokensmay have limitations that limit the transactions that the users mayenter into using the tokens. The limitations may include, limiting thetransactions of the user to a single merchant, a group of multiplemerchants, merchant categories, single products, a group a products,product categories, transaction amount limits, transaction numbers,geographic locations, or other like limits as is described herein.

FIGS. 1-3 illustrate a number of different ways that the user 2 may useone or more tokens in order to enter into a transaction and makepayments associated with the transaction. FIG. 1, illustrates oneembodiment of a token system process 1, wherein the token system process1 is used in association with a tokenization service 50. Thetokenization service 50 may be provided by a third-party institution,the user's financial institution, or another institution involved in atransaction payment process. As illustrated in FIG. 1 (as well as inFIGS. 2 and 3), a user 2 may utilize a payment device 4 (or in otherembodiments a payment instrument over the Internet) to enter into atransaction. FIG. 1 illustrates the payment device 4 as a mobile device,such as a smartphone, personal digital assistant, or other like mobilepayment device. Other types of payment devices 4 may be used to makepayments, such as but not limited to an electronic payment card, keyfob, a wearable payment device (e.g., watch, glasses, or the like). Assuch, when using a payment device 4 the transaction may be made betweenthe point of sale (POS) and the payment device 4 by scanning informationfrom the payment device 4, using near field communication (NFC) betweenthe POS and the payment device 4, using wireless communication betweenthe POS and the payment device 4, or using another other type ofcommunication between the POS and the payment device 4. When enteringinto an e-commerce transaction over the Internet, for example using thepayment device 4 or another device without a POS, a payment instrumentmay be used to enter into the transaction. The payment instrument may bethe same as the token or digital wallet associated with the paymentdevice 4, except they are not associated with specific payment device.For example, the token or digital wallet may be associated with anapplication that can be used regardless the device being used to enterinto the transaction over the Internet.

The token can be associated directly with the payment device 4, orotherwise, through one or more digital wallets associated with thepayment device 4. For example, the token may be stored on one or morepayment devices 4 directly, and as such any transaction entered into bythe user 2 with the one or more payment devices 4 may utilize the token.Alternatively, the payment device 4 may have one or more digital walletsstored on the payment device 4 that allow the user 2 to store one ormore user account numbers, or tokens associated with the user accountnumbers, on the one or more digital wallets. The user may select adigital wallet or account within the digital wallet in order to enterinto a transaction using a specific type of customer account. As such,the digital wallets may be associated with the user's issuing financialinstitutions 40, other financial institutions, merchants 10 with whichthe user enters into transactions, or a third party institutions thatfacilitates transactions between users 2 and merchants 10.

As illustrated in FIG. 1, a tokenization service 50 may be available forthe user 2 to use during transactions. As such, before entering into atransaction, the user 2 may generate (e.g., create, request, or thelike) a token in order to make a payment using the tokenization service50, and in response the tokenization service 50 provides a token to theuser and stores an association between the token and the user accountnumber in a secure token and account database 52. The token may bestored in the user's payment device 4 (e.g., on the digital wallet) orstored on the cloud or other service through the tokenization service50. The tokenization service 50 may also store limits (e.g., geographiclimits, transaction amount limits, merchant limits, product limits, orthe like) associated with the token that may limit the transactions inwhich the user 2 may enter. The limits may be placed on the token by theuser 2, or another entity (e.g., person, company, or the like)responsible for the transactions entered into by the user 2 using theaccount associated with the token. The generation of the token may occurat the time of the transaction or well in advance of the transaction, asa one-time use token or multi-use token.

After or during creation of the token the user 2 enters into atransaction with a merchant 10 using the payment device 4 (or paymentinstrument over the Internet). In some embodiments the user 2 may usethe payment device 4 by itself, or specifically select a digital walletor user account stored within the digital wallet, to use in order toenter into the transaction. The token associated with payment device,digital wallet, or user account within the wallet is presented to themerchant 10 as payment in lieu of the actual user account number and/orother user account information. The merchant 10 receives the token,multiple tokens, and/or additional user account information for thetransaction. The merchant 10 may or may not know that the token beingpresented for the transaction is a substitute for a user account numberor other user account information. The merchant also capturestransaction information (e.g., merchant, merchant location, transactionamount, product, or the like) related to the transaction in which theuser 2 is entering with the merchant 10.

The merchant 10 submits the token (as well as any user accountinformation not substituted by a token) and the transaction informationfor authorization along the normal processing channels (also describedas processing rails), which are normally used to process a transactionmade by the user 2 using a user account number. In one embodiment of theinvention the acquiring financial institution 20, or any otherinstitution used to process transactions from the merchant 10, receivesthe token, user account information, and transaction information fromthe merchant 10. The acquiring financial institution 20 identifies thetoken as being associated with a particular tokenization service 50through the token itself or user account information associated with thetoken. For example, the identification of the tokenization service 50may be made through a sub-set of characters associated with the token, arouting number associated with the token, other information associatedwith the token (e.g., tokenization service name), or the like. Theacquiring financial institution 20 may communicate with the tokenizationservice 50 in order to determine the user account number associated withthe token. The tokenization service 50 may receive the token andtransaction data from the acquiring financial institution 20, and inresponse, provide the acquiring financial institution 20 the useraccount number associated with the token as well as other userinformation that may be needed to complete the transaction (e.g., username, issuing financial institution routing number, user account numbersecurity codes, pin number, or the like). In other embodiments, iflimits have been placed on the token, the tokenization service 50 maydetermine whether or not the transaction information meets the limitsand either allows or denies the transaction (e.g., provides the useraccount number or fails to provide the user account number). Theembodiment being described is when the token is actually stored on thepayment device 4. In other embodiments, for example, when the actualtoken is stored in a cloud the payment device 4 may only store a link tothe token or other token information that allows the merchant 10 oracquiring financial institution to acquire the token from a stored cloudlocation.

If the acquiring financial institution 20 receives the user accountnumber from the tokenization service 50 (e.g., the transaction isallowed), then the acquiring financial institution 20 thereafter sendsthe user account number, the other user information, and the transactioninformation directly to the issuing financial institution 40, orotherwise indirectly through the card association networks 30. Thefinancial institution determines if the user 2 has the funds availableto enter into the transaction, and if the transaction meets other limitson the user account, and responds with approval or denial of thetransaction. The approval runs back through the processing channelsuntil the acquiring financial institution 20 provides approval or denialof the transaction to the merchant 10 and the transaction between themerchant 10 and the user 2 is completed. After the transaction iscompleted the token may be deleted, erased, or the like if it is asingle-use token, or stored for further use if it is a multi-use token.

The embodiment illustrated in FIG. 1 prevents the user account numberand other user information from being presented to the merchant 10;however, the tokenization service 50, acquiring financial institution20, the card association networks 30, and the issuing financialinstitution 40 all utilize the actual user account number and other userinformation to complete the transaction.

FIG. 2 illustrates another embodiment of a token system 1, in which theuser 2 may utilize a payment device 4 (or payment instrument over theInternet) to enter into transactions with merchants 10 utilizing tokensinstead of user account numbers. As illustrated in FIG. 2, the user mayhave one or more tokens, which may be associated with the payment device4, one or more digital wallets within the payment device 4, or one ormore user accounts associated with the digital wallets. The one or moretokens may be stored in the user's payment device 4 (or on the digitalwallet), or stored on a cloud or other service through the issuingfinancial institution 40 or another institution. The user 2 may set upthe digital wallet by communicating with the issuing financialinstitution 40 (e.g., the user's financial institution) to request atoken for the payment device, either for the device itself, or for oneor more digital wallets or one or more user accounts stored on thepayment device. As previously discussed, a wallet may be specificallyassociated with a particular merchant (e.g., received from the merchant10) and include one or more tokens provided by the issuing financialinstitution 40 directly (or through the merchant as described withrespect to FIG. 3). In other embodiments, the issuing financialinstitution 40 may create the digital wallet for the user 2 (e.g., forthrough a wallet created for a business client or retail clientassociated with the user 2) and include one or more tokens for varioustypes of transactions, products, or the like. The issuing financialinstitution 40 may store the tokens, the associated user accountinformation (e.g., including the user account number), and any limits onthe use of the token, as was previously described with respect to thetokenization service 50. In one embodiment the tokens may include useraccount information or routing information within the token or tied tothe token, which allows the merchants 10 and other institutions in thepayment processing systems to route the token and the transactioninformation to the proper institutions for processing. In otherembodiments a tokenization routing database 32 may be utilized todetermine where to route a transaction using a token, as described infurther detail later.

The user 2 may enter into a transaction with the merchant 10 using apayment device 4 (or a payment instrument through the Internet). In oneembodiment the user 2 may enter into the transaction with a tokenassociated with the payment device 4 itself (or a payment instrumentthrough the Internet). In other embodiments, a specific digital walletand/or a specific account within the digital wallet may be selected fora particular merchant with whom the user 2 wants to enter into atransaction. For example, the user 2 may select “wallet 1” to enter intoa transaction with “merchant 1” and “token 1” to utilize a specificaccount. The merchant 10 identifies the token, and sends the token andthe transaction information to the acquiring financial institution 20.If the token has routing information the acquiring financial institution20 may route the token and transaction data to the issuing financialinstitution 40 directly or through the card association networks 30. Insituations where the token does not have associated routing information,the acquiring financial institution 20 may utilize a tokenizationrouting database 32 that stores tokens or groups of tokens and indicatesto which issuing financial institutions 40 the tokens should be routed.One or more of the acquiring financial institutions 20, the cardassociation networks 30, and/or the issuing financial institutions 40may control the tokenization routing database in order to assign andmanage routing instructions for tokenization across the paymentprocessing industry. The tokenization routing database 32 may bepopulated with tokens and the corresponding issuing financialinstitutions 40 to which transactions associated with the tokens shouldbe routed.

Once the token and transaction details are routed to the issuingfinancial institution 40, the issuing financial institution 20determines the user account associated with the token through the use ofthe token account database 42. The financial institution determines ifthe funds are available in the user account for the transaction and ifthe transaction information meets other limits by comparing thetransaction information with the limits associated with the token or theuser account associated with the token. If the transaction meets thelimits associated with the token or user account, then the issuingfinancial institution 20 allows the transaction. If the transactioninformation does not meet one or more of the limits, then the issuingfinancial institution 20 denies the transaction. The issuing financialinstitution sends a notification of the approval or denial of thetransaction back along the channels of the transaction processing systemto the merchant 10, which either allows or denies the transaction.

The embodiment illustrated in FIG. 2 allows the user and the financialinstitution to shield the user's account number and other userinformation from all of the entities in the payment processing systembecause the merchant 10, acquiring merchant bank 20, payment associationnetworks 30, or other institutions in the payment processing system onlyused the token and/or other shielded user information to process thetransaction. Only the issuing financial institution 40 has the actualaccount number of the user 2.

FIG. 3 illustrates another embodiment of the token system 1, in whichthe user 2 may utilize a payment device 4 (or payment instrument overthe Internet) to enter into transactions with a merchant 10 utilizing atoken instead of a user account number and/or other user accountinformation. As illustrated in FIG. 3, the user 2 may have one or moretokens stored in the payment device 2, which may be associated with oneor more digital wallets, or one or more user accounts within the digitalwallets. The one or more tokens may be stored in the user's paymentdevice 4 (or on the digital wallet), or stored on a cloud or otherservice through the issuing financial institution 40 or anotherinstitution. The user 2 may set up the digital wallet by communicatingwith the issuing financial institution 40 (e.g., the user's financialinstitution) and/or the merchant 10 to request a token for the paymentdevice 4, either for the device itself, for the one or more digitalwallets stored on the payment device 4, or for user accounts within thedigital wallet. The financial institution 40 may have a dedicated groupof tokens that are associated with a specific merchant, and as such themerchant 10 and the issuing financial institution 40 may communicatewith each other to provide one or more tokens to the user 2 that may bespecifically associated with the merchant 10. For example, the issuingfinancial institution may provide a set of tokens to “merchant 1” toassociate with “wallet 1” that may be used by one or more users 2. Assuch “Token 10” may be associated with “wallet 1” and be specified onlyfor use for transactions with “merchant 1.”

The merchant 10 may provide the specific tokens from the financialinstitution 40 to the user 2, while the financial institution 40 maystore the user account information with the token provided to the user2. The financial institution may communicate directly with the user 2,or through the merchant 10 in some embodiments, in order to associatethe token with the user 2. Since the merchant 10 provides, or is atleast notified by the financial institution 40, that a specific token,or groups of tokens, are associated with a specific issuing financialinstitution 40, then the merchant 10 may associate routing informationand transaction information with the token when the user 2 enters into atransaction with the merchant 10 using the token.

The merchant 10 passes the token (and potentially other user accountinformation), routing information, and transaction information to theacquiring financial institution 20 using the traditional paymentprocessing channels. The acquiring financial institution 20, in turn,passes the token (and potentially other user account information) andtransaction information directly to the issuing financial institution40, or indirectly through the payment association networks 30 using therouting information. The issuing financial institution 40 accesses thetoken and account database 42 to identify the user account associatedwith the token and determines if the transaction information violatesany limits associated with the token or the user account. The issuingfinancial institution 40 then either approves or denies the transactionand sends the approval or denial notification back through the paymentprocessing system channels to the merchant 10, which then notifies theuser 2 that the transaction is allowed or denied.

As is the case with the token system 2 in FIG. 2, the token system inFIG. 3 allows the user 2 and the financial institution 40 to shield theuser's account number and other user information from all of theentities in the payment processing system because the merchant 10,acquiring merchant bank 20, payment association networks 30, or otherinstitutions in the payment processing system only use the token and/orother shielded user information to process the transaction. Only theissuing financial institution 40 has the actual account number of theuser 2.

The embodiments of the invention illustrated in FIGS. 1-3 are onlyexample embodiments of the invention, and as such it should beunderstood that combinations of these embodiments, or other embodimentsnot specifically described herein may be utilized in order to processtransactions between a user 2 and merchant 10 using one or more tokensas a substitute for user account numbers or other user accountinformation, such that the merchant, or even other institutions in thepayment processing system do not have access to the actual user accountsor account information.

As briefly discussed above, if the issuing financial institution 40creates the digital wallet not only does the financial institution 40receive transaction information along the normal processing channels,but the financial institution 50 may also receive additional transactioninformation from the user 2 through the digital wallet using theapplication program interfaces (APIs) or other application created forthe digital wallet. For example, geographic location information of theuser 2, dates and times, product information, merchant information, orany other information may be transmitted to the issuing financialinstitution 40 through the APIs or other applications to the extent thatthis information is not already provided through the normal transactionprocessing channels. This additional transaction information may assistin determining if the transactions meet or violate limits associatedwith the tokens, user accounts, digital wallets, or the like.

Alternatively, if the merchant 10 or another institution, other than theissuing financial institution 40, provides the digital wallet to theuser 2, the issuing financial institution 40 may not receive all thetransaction information from the traditional transaction processingchannels or from the digital wallet. As such, the issuing financialinstitution 40 may have to receive additional transaction informationfrom another application associated with the user 2 and compare thetransaction information received through the traditional channels inorder to associate the additional information with the transaction. Inother embodiments, the issuing financial institutions 40 may havepartnerships with the merchants 10 or other institutions to receiveadditional transaction information from the digital wallets provided bythe merchants or other institutions when the user enters intotransactions using the digital wallets.

Moreover, when there is communication between the digital wallets of theusers 2 and the issuing financial institution 40 or another institution,transactions in which the user 2 may enter may be pre-authorized (e.g.,pre-qualified) to determine what accounts (e.g., tokens) may be used tocomplete the transaction, without having to arbitrarily choose anaccount for the transaction. In the case when there are multiple digitalwallets or multiple accounts, the account that is pre-authorized or theaccount that provides the best rewards may be automatically chosen tocomplete the transactions.

Additional embodiments of the invention will now be described in furtherdetail in order to provide additional concepts and examples related tohow tokens may be utilized in these illustrated token system processes 1or in other token system processes not specifically described in FIGS.1-3.

Various embodiments of the invention enable a user to bank a virtualcurrency into an account. One or more tokens may then be associated withthe virtual currency for use by the customer in transactions. Instead ofthe user transacting directly in the virtual currency, the customer usesthe token. Such a configuration allows for all the benefits associatedwith a bank account such as unauthorized transaction protection and thelike. Such a configuration also allows the customer to break up avirtual currency to provide fractions of the virtual currency.

FIGS. 4A-4C are flowcharts of methods for provisioning tokens, and insome cases, managing virtual currencies including tokenization ofvirtual currencies. Referring to FIG. 4A, a method for tokenization ofvirtual currencies is illustrated. The first step, as represented byblock 202, is to credit an amount of a virtual currency in at least onebank account of a customer. This credit may take the form of a virtualcredit to a virtual account (one that is not backed by actual funds orone that is backed by actual funds but that is maintained or managed interms of its market virtual currency value or otherwise), a conversionof some or all the virtual currency to actual currency to a regularaccount, or the like.

The next step, represented by block 204, is increasing an amount offunds associated with the bank account by the amount of the virtualcurrency. Next, as represented by block 206, the system generates apayment token associated with the bank account. In some embodiments, acustomer or other user may initiate the generation of the token throughan online banking application, mobile application or the like.

The next step, represented by block 208, is to determine that atransaction request has an amount less than the amount of funds in theaccount. This request is typically received at a financial institutionsystem (FI system) from a merchant system. In order to approve thetransaction, the necessary amount of funds must be available. However,in some instances, the funds for the transaction may be credited fromanother account similar to an insufficient funds protection for standarddemand deposit accounts. Finally, the system approves and settles thetransaction, as represented by block 210.

Referring to FIG. 4B, a method for managing virtual currency isillustrated. The first step, represented by block 212, is to break-upthe amount of the virtual currency in multiple bank accounts. The nextstep, represented by block 214, is to credit at least one of theaccounts only with virtual currency, which results in a “virtualcurrency account”. The final step, represented by block 216, is toconfigure any token issued from the virtual currency account to be usedin standard currency transactions (i.e., actual currency transactions).

In various embodiments, the customer and/or the issuing institution maydesire that the customer provide approval of use of an issued token. Thefirst step is to, in response to receiving a transaction request, sendan alert indicating the transaction request to the customer. This alertmay have multiple purposes. For example, the alert may be intended torequest approval from the customer to complete the transaction or thealert may be intended solely for informational purposes. In some cases,the alert includes an option for the customer to select an input thathalts the transaction, but otherwise is meant primarily forinformational purposes. The alert may include information such as thename of the merchant at which the transaction is requested, the amountof the transaction, the location of the merchant, the merchant categoryand the like.

In the event the customer is asked to provide approval of thetransaction or other input concerning the transaction, such as asituation in which the customer desires to halt the transaction, thenext step is to authenticate the customer through an online bankingsession or a mobile application. The customer may be authenticated in avariety of ways and such authentication may include a continuum ofauthentication such that, for a lower concern transaction (e.g., a lowtransaction amount), the level of required authentication is low. On theother hand, for a higher concern transaction (e.g., a high transactionamount), the level of required authentication is high as well. Thelevels or thresholds for transaction amount or other criteria forvarying authentication level (such as identity of merchant or otherwise)may be input by the customer as preferences or may be predeterminedthresholds, amounts, value or the like.

As a specific example, if a user is requesting a transaction amount of$1000 using a token issued by the customer, and the customer hasestablished a “high” concern transaction threshold amount of $500, thenthe system may require that the customer approve/deny the transaction.It may also require a relatively “high” level of authentication such asa two-factor authentication. On the other hand, if the customer hasestablished a “low” concern transaction threshold amount of $100, amedium amount of $200 and a high threshold amount of $500, then, fortransactions less than $100, the customer may not provide approval, fortransactions in between $100 and $200, the customer may only have anoption to halt the transaction rather than the system requiring approvalfrom the customer to complete the transaction, for transactions between$200 and $500, the customer may provide medium authentication andrequired approval, and for transactions greater than $500, the customermay provide high authentication and required approval.

The next step is to prompt the customer to approve or deny thetransaction. The next step is to receive, in response to the alert, anapproval communication from the customer approving/denying thetransaction. Finally, the last step is to approve and settle thetransaction.

Referring to FIG. 4C, another method for managing virtual currency isillustrated. The first step, as represented by block 220, is todetermine a current exchange rate between the virtual currency and theactual currency. The next step, as represented by block 222, is toconvert the amount of virtual currency to a credit amount of actualfunds for crediting the account. The next step, represented by block224, is to request, from a currency exchange, an exchange of an amountof the virtual currency for an amount of actual funds. The final step,as represented by block 226, is to complete an exchange with thecurrency exchange.

In various embodiments, the virtual currency may not be converted toactual currency, may be converted in whole or in part and suchconversion may occur prior to deposit or after deposit. In someembodiments, the system provides an interface or dashboard for managingvirtual currency. For example, the dashboard may enable a user toconvert some or all virtual currency into actual currency, shift virtualand/or actual currency among accounts, transfer virtual and/or actualcurrency between intra-institution accounts and/or extra-institutionaccounts and the like.

FIG. 5 illustrates a token system 100 environment, in accordance with anembodiment of the present invention. As illustrated in FIG. 5, the usercomputer systems 160 are operatively coupled, via a network 102 to themerchant systems 110, issuing financial institution systems 140,acquiring financial institution systems 120, payment associationnetworks 130, and/or the tokenization service systems 150. In this way,the user 2 may utilize the user computer systems 160 to enter intosecure transactions using a token with the merchant 10 through the useof the merchant systems 110, acquiring financial systems 120, paymentassociation networks 130, the issuing financial institution systems 140,and/or the tokenization service systems 150. FIG. 5 illustrates only oneexample of embodiments of a token system 100, and it will be appreciatedthat in other embodiments one or more of the systems (e.g., computers,mobile devices, servers, or other like systems) may be combined into asingle system or be made up of multiple systems.

The network 102 may be a global area network (GAN), such as theInternet, a wide area network (WAN), a local area network (LAN), or anyother type of network or combination of networks. The network 102 mayprovide for wireline, wireless, or a combination of wireline andwireless communication between devices on the network.

As illustrated in FIG. 5, the user computer systems 160 generallycomprise a communication device 162, a processing device 164, and amemory device 166. As used herein, the term “processing device”generally includes circuitry used for implementing the communicationand/or logic functions of a particular system. For example, a processingdevice may include a digital signal processor device, a microprocessordevice, and various analog-to-digital converters, digital-to-analogconverters, and other support circuits and/or combinations of theforegoing. Control and signal processing functions of the system areallocated between these processing devices according to their respectivecapabilities. The processing device may include functionality to operateone or more software programs based on computer-readable instructionsthereof, which may be stored in a memory device.

The processing device 164 is operatively coupled to the communicationdevice 162 and the memory device 166. The processing device 164 uses thecommunication device 162 to communicate with the network 102 and otherdevices on the network 102, such as, but not limited to, the merchantsystems 110, issuing financial institution systems 140, acquiringfinancial institution systems 120, payment association network systems130, and/or tokenization service systems 150. As such, the communicationdevice 162 generally comprises a modem, server, or other device forcommunicating with other devices on the network 102, and a display,camera, keypad, mouse, keyboard, microphone, and/or speakers forcommunicating with one or more users 102. The user computer systems 160may include, for example, a payment device 4, which may be a personalcomputer, a laptop, a mobile device (e.g., phone, smartphone, tablet, orpersonal display device (“PDA”), or the like) or other like deviceswhether or not the devices are mentioned within this specification. Insome embodiments, the user computer systems 160, such as a paymentdevice 4, or other devices, could include a data capture device that isoperatively coupled to the communication device, processing device 164,and the memory device 166. The data capture device could include devicessuch as, but not limited to a location determining device, such as aradio frequency identification (“RFID”) device, a global positioningsatellite (“GPS”) device, Wi-Fi triangulation device, or the like, whichcan be used by a user 2, institution, or the like to capture informationfrom a user 2, such as but not limited to the location of the user 2.

As further illustrated in FIG. 5, the user computer systems 160comprises computer-readable instructions 168 stored in the memory device166, which in one embodiment includes the computer-readable instructions168 of a tokenization application 167 (e.g., a digital wallet or otherapplication that utilizes tokens). In some embodiments, the memorydevice 166 includes a datastore 169 for storing data related to the usercomputer system 160, including but not limited to data created and/orused by tokenization application 167. As discussed above thetokenization application 167 allows the users 2 to enter into securetransactions using one or more tokens instead of customer account numberor other customer information.

As further illustrated in FIG. 5, the merchant systems 110 generallycomprise a communication device 112, a processing device 114, and amemory device 116. The processing device 114 is operatively coupled tothe communication device 112 and the memory device 116. The processingdevice 114 uses the communication device 112 to communicate with thenetwork 102, and other devices on the network 102, such as, but notlimited to, the user computer systems 160, issuing financial institutionsystems 140, acquiring financial institution systems 120, paymentassociation network systems 130, and/or the tokenization service systems150. As such, the communication device 112 generally comprises a modem,server, or other device(s) for communicating with other devices on thenetwork 102.

As illustrated in FIG. 5, the merchant systems 110 comprisecomputer-readable program instructions 118 stored in the memory device116, which in one embodiment includes the computer-readable instructions118 of a transaction application 117. In some embodiments, the memorydevice 116 includes a datastore 119 for storing data related to themerchant systems 110, including but not limited to data created and/orused by the transaction application 117. The transaction application 117processes transactions with the user regardless of whether or not theuser is using tokens or the actual account number or other accountinformation.

As further illustrated in FIG. 5, the issuing financial institutionsystems 140 generally comprise a communication device 142, a processingdevice 144, and a memory device 146. The processing device 144 isoperatively coupled to the communication device 142 and the memorydevice 146. The processing device 144 uses the communication device 142to communicate with the network 102, and other devices on the network102, such as, but not limited to, the user computer systems 160,merchant systems 110, acquiring financial institution systems 120,payment association network systems 130, and/or the tokenization servicesystems 150. As such, the communication device 142 generally comprises amodem, server, or other devices for communicating with other devices onthe network 102.

As illustrated in FIG. 5, the issuing financial institution systems 140comprise computer-readable program instructions 148 stored in the memorydevice 146, which in one embodiment includes the computer-readableinstructions 148 of a user account application 147. In some embodiments,the memory device 146 includes a datastore 149 for storing data relatedto the issuing financial institution systems 140, including but notlimited to data created and/or used by the user account application 147.The user account application 147 allows the issuing financialinstitution to store information regarding the user accounts. Forexample, in the embodiments in which the issuing financial institution40 is responsible for managing the tokenization, the user accountapplication 147 stores the tokens associated with the account number orthe other customer information, which the users 2 utilize to enter intotransactions. In other embodiments of the invention, the association ofthe tokens and accounts numbers and other account information from theissuing financial institution 40 may be stored by a third party.

The acquiring financial institution systems 120 are operatively coupledto the user computer systems 160, merchant systems 110, paymentassociation network systems 130, issuing financial institutions 140, ortokenization service systems 150 through the network 102. The acquiringfinancial institution systems 120 have devices that are the same as orsimilar to the devices described for the user computer systems 160,merchant systems 110, or the issuing financial institution systems 140(e.g., communication device, processing device, memory device withcomputer-readable instructions, datastore, or the like). Thus, theacquiring financial institution systems 120 communicate with the usercomputer systems 160, merchant systems 110, payment association networksystems 130, issuing financial institution systems 140, and/or thetokenization service systems 150, in the same or similar way aspreviously described with respect to these systems above. The acquiringfinancial institution systems 120, in some embodiments, receives thetokens and/or other customer information, along with the transactionsinformation for a transaction, from the merchants 10 and distributesthis information to the proper tokenization service 50, paymentassociation networks 30, or directly the issuing financial institution40.

The payment association network systems 130 are operatively coupled tothe user computer systems 160, merchant systems 110, acquiring financialinstitution systems 120, issuing financial institutions 140, ortokenization service systems 150 through the network 102. The paymentassociation network systems 130 have devices that are the same as orsimilar to the devices described for the user computer systems 160,merchant systems 110, or the issuing financial institution systems 140(e.g., communication device, processing device, memory device withcomputer-readable instructions, datastore, or the like). Thus, thepayment association network systems 130 communicate with the usercomputer systems 160, merchant systems 110, acquiring financialinstitution systems 120, issuing financial institution systems 140,and/or the tokenization service systems 150, in the same or similar wayas previously described with respect to these systems above. The paymentassociation networks systems 130, in some embodiments, receive thetokens and/or other customer information, along with the transactionsinformation for a transaction, from the merchants 10 or the acquiringfinancial institution 20, and distribute this information to the properissuing financial institution 40.

The tokenization service systems 150 are operatively coupled to the usercomputer systems 160, merchant systems 110, acquiring financialinstitution systems 120, or issuing financial institutions 140 throughthe network 102. The tokenization service systems 150 have devices thesame or similar to the devices described for the user computer systems160, merchant systems 110, or the issuing financial institution systems140 (e.g., communication device, processing device, memory device withcomputer-readable instructions, datastore, or the like). Thus, thetokenization service systems 150 communicate with the user computersystems 160, merchant systems 110, acquiring financial institutionsystems 120, and/or issuing financial institution systems 140, in thesame or similar way as previously described with respect to the thesesystems above. The tokenization service systems 150, in someembodiments, create, associate, and store the tokens, account numbers,and/or other customer information in order to shield the account numbersor other customer account information from the merchants 10, and otherparties as described throughout this specification. In some embodimentsas illustrated in FIG. 1, the tokenization service systems 150 may beoperated by a third party entity. In other embodiments the tokenizationservice systems 150 may be operated by the issuing financial institution40 or entity associated with the issuing financial institution 40, suchthat only the issuing financial institution 40 has access to the actualaccount number or other account information.

It is understood that the systems and devices described hereinillustrate one embodiment of the invention. It is further understoodthat one or more of the systems, devices, or the like can be combined orseparated in other embodiments and still function in the same or similarway as the embodiments described herein.

Any suitable computer-usable or computer-readable medium may beutilized. The computer usable or computer readable medium may be, forexample but not limited to, an electronic, magnetic, optical,electromagnetic, infrared, or semiconductor system, apparatus, ordevice. More specific examples (a non-exhaustive list) of thecomputer-readable medium would include the following: an electricalconnection having one or more wires; a tangible medium such as aportable computer diskette, a hard disk, a random access memory (RAM), aread-only memory (ROM), an erasable programmable read-only memory (EPROMor Flash memory), a compact disc read-only memory (CD-ROM), or othertangible optical or magnetic storage device.

Computer program code/computer-readable instructions for carrying outoperations of embodiments of the present invention may be written in anobject oriented, scripted or unscripted programming language such asJava, Pearl, Smalltalk, C++ or the like. However, the computer programcode/computer-readable instructions for carrying out operations of theinvention may also be written in conventional procedural programminglanguages, such as the “C” programming language or similar programminglanguages.

Embodiments of the present invention described above, with reference toflowchart illustrations and/or block diagrams of methods or apparatuses(the term “apparatus” including systems and computer program products),will be understood to include that each block of the flowchartillustrations and/or block diagrams, and combinations of blocks in theflowchart illustrations and/or block diagrams, can be implemented bycomputer program instructions. These computer program instructions maybe provided to a processor of a general purpose computer, specialpurpose computer, or other programmable data processing apparatus toproduce a particular machine, such that the instructions, which executevia the processor of the computer or other programmable data processingapparatus, create mechanisms for implementing the functions/actsspecified in the flowchart and/or block diagram block or blocks.

These computer program instructions may also be stored in acomputer-readable memory that can direct a computer or otherprogrammable data processing apparatus to function in a particularmanner, such that the instructions stored in the computer readablememory produce an article of manufacture including instructions, whichimplement the function/act specified in the flowchart and/or blockdiagram block or blocks.

The computer program instructions may also be loaded onto a computer orother programmable data processing apparatus to cause a series ofoperational steps to be performed on the computer or other programmableapparatus to produce a computer implemented process such that theinstructions, which execute on the computer or other programmableapparatus, provide steps for implementing the functions/acts specifiedin the flowchart and/or block diagram block or blocks. Alternatively,computer program implemented steps or acts may be combined with operatoror human implemented steps or acts in order to carry out an embodimentof the invention.

While certain exemplary embodiments have been described and shown in theaccompanying drawings, it is to be understood that such embodiments aremerely illustrative of, and not restrictive on, the broad invention, andthat this invention not be limited to the specific constructions andarrangements shown and described, since various other changes,combinations, omissions, modifications and substitutions, in addition tothose set forth in the above paragraphs, are possible. Those skilled inthe art will appreciate that various adaptations, modifications, andcombinations of the just described embodiments can be configured withoutdeparting from the scope and spirit of the invention. Therefore, it isto be understood that, within the scope of the appended claims, theinvention may be practiced other than as specifically described herein.

INCORPORATION BY REFERENCE

To supplement the present disclosure, this application furtherincorporates entirely by reference the following commonly assignedpatent applications:

U.S. patent Docket Number application Ser. No. Title Filed On6858US1.014033.2532 14/870,790 MERCHANT TOKENIZATION Sep. 30, 2015MIGRATION INFRASTRUCTURE SYSTEM 6859US1.014033.2533 14/870,797TOKENIZATION PROVISIONING AND Sep. 30, 2015 ALLOCATING SYSTEM6860US1.014033.2534 14/871,964 NON-INTRUSIVE GEO-LOCATION Sep. 30, 2015DETERMINATION ASSOCIATED WITH TRANSACTION AUTHORIZATION6860US2.014033.2535 14/871,971 NON-INTRUSIVE GEO-LOCATION Sep. 30, 2015DETERMINATION ASSOCIATED WITH TRANSACTION AUTHORIZATION6803US1.014033.2557 14/871,759 SYSTEM FOR ELECTRONIC Sep. 30, 2015COLLECTION AND DISPLAY OF ACCOUNT TOKEN USAGE AND ASSOCIATION6861US1.014033.2537 14/871,315 TOKEN PROVISIONING FOR NON- Sep. 30, 2015ACCOUNT HOLDER USER WITH LIMITED TRANSACTION FUNCTIONS

What is claimed is:
 1. A system for managing virtual currency, thesystem comprising: a memory device; and a processing device operativelycoupled to the memory device, wherein the processing device isconfigured to execute computer-readable program code to: determine acurrent exchange rate between a virtual currency and an actual currency;convert an amount of the virtual currency to a credit amount of theactual currency based on the current exchange rate; and credit theamount of the virtual currency to at least one financial account,wherein the at least one financial account has an associated amount offunds of the actual currency that is increased by the credit amount ofthe actual currency.
 2. The system of claim 1, wherein thecomputer-readable code to convert further comprises computer-readableprogram code to request, from a currency exchange system, an exchange ofthe amount of the virtual currency for the credit amount of the actualcurrency.
 3. The system of claim 1, wherein the processing device isconfigured to execute computer-readable program code to: generate apayment token associated with the at least one financial account of thecustomer; receive a transaction request to process a transaction usingthe payment token; determine that the transaction request is associatedwith a transaction having a transaction amount less than or equal to theamount of funds associated with the at least one financial account; andapprove and settle the transaction.
 4. The system of claim 3, whereinthe computer-readable code to generate further comprisescomputer-readable code to generate the payment token associated with theat least one financial account of the customer and a predeterminedtransaction amount threshold.
 5. The system of claim 4, wherein thecomputer-readable code to determine further comprises determine that (i)the transaction request is associated with a transaction having thetransaction amount less than or equal to the amount of funds associatedwith the at least one financial account, and (ii) the transaction amountis less than or equal to the predetermined transaction amount threshold.6. The system of claim 5, wherein the processing device is configured toexecute computer-readable program code to: in response to determiningthat the transaction amount exceeds a customer-defined transactionamount limit, request that the customer provide two-factorauthentication; receive two-factor authentication inputs from thecustomer and authenticate the customer based on the received two-factorauthentication inputs; and in response to determining (i) and (ii) andauthenticating the customer, approve and settle the transaction.
 7. Thesystem of claim 3, wherein the processing device is further configuredto execute computer-readable program code to: settle the transaction inthe actual currency; and debit the at least one financial account of thecustomer, thereby resulting in a reduction in the of the funds of theactual currency held in the at least one financial account.
 8. Acomputer program product for managing virtual currency, the computerprogram product comprising at least one non-transitory computer-readablemedium having computer-readable program code portions embodied therein,the computer-readable program code portions comprising: a firstexecutable portion configured to determine a current exchange ratebetween a virtual currency and an actual currency; a second executableportion configured to convert an amount of the virtual currency to acredit amount of the actual currency based on the current exchange rate;and a third executable portion configured to credit the amount of thevirtual currency to at least one financial account, wherein the at leastone financial account has an associated amount of funds of the actualcurrency that is increased by the credit amount of the actual currency.9. The computer program product of claim 8, wherein the secondexecutable portion is further configured to request, from a currencyexchange system, an exchange of the amount of the virtual currency forthe credit amount of the actual currency.
 10. The computer programproduct of claim 8, wherein the computer-readable program code portionsfurther comprise: a fourth executable portion configured to generate apayment token associated with the at least one financial account of thecustomer; a fifth executable portion configured to receive a transactionrequest to process a transaction using the payment token; a sixthexecutable portion configured to determine that the transaction requestis associated with a transaction having a transaction amount less thanor equal to the amount of funds associated with the at least onefinancial account; and a seventh executable portion configured toapprove and settle the transaction.
 11. The computer program product ofclaim 10, wherein the fourth executable portion is further configured togenerate the payment token associated with the at least one financialaccount of the customer and a predetermined transaction amountthreshold.
 12. The computer program product of claim 11, wherein thesixth executable portion is further configured to of claim 4, whereinthe computer-readable code to determine further comprises to determinethat (i) the transaction request is associated with a transaction havingthe transaction amount less than or equal to the amount of fundsassociated with the at least one financial account, and (ii) thetransaction amount is less than or equal to the predeterminedtransaction amount threshold.
 13. The computer program product of claim12, wherein the computer-readable program code portions furthercomprise: an eighth executable portion configured to, in response todetermining that the transaction amount exceeds a customer-definedtransaction amount limit, request that the customer provide two-factorauthentication; a ninth executable portion configured to receivetwo-factor authentication inputs from the customer and authenticate thecustomer based on the received two-factor authentication inputs; and,wherein the seventh executable portion is further configured to, inresponse to determining (i) and (ii) and authenticating the customer,approve and settle the transaction.
 14. The computer program product ofclaim 10, wherein the seventh executable portion is further configuredto settle the transaction in the actual currency; and wherein thecomputer-readable program code portions further comprise: an eighthexecutable portion configured to debit the at least one financialaccount of the customer, thereby resulting in a reduction in the of thefunds of the actual currency held in the at least one financial account.15. A computer-implemented method for managing virtual currency, themethod executable by one or more processing devices and comprising:determining a current exchange rate between a virtual currency and anactual currency; converting an amount of the virtual currency to acredit amount of the actual currency based on the current exchange rate;and crediting the amount of the virtual currency to at least onefinancial account, wherein the at least one financial account has anassociated amount of funds of the actual currency that is increased bythe credit amount of the actual currency.
 16. The computer-implementedmethod of claim 15, converting further comprises requesting, from acurrency exchange system, an exchange of the amount of the virtualcurrency for the credit amount of the actual currency.
 17. Thecomputer-implemented method of claim 15, further comprising: generatinga payment token associated with the at least one financial account ofthe customer; receiving a transaction request to process a transactionusing the payment token; determining that the transaction request isassociated with a transaction having a transaction amount less than orequal to the amount of funds associated with the at least one financialaccount; and approving and settling the transaction.
 18. Thecomputer-implemented method of claim 17, wherein generating furthercomprises generating the payment token associated with the at least onefinancial account of the customer and a predetermined transaction amountthreshold.
 19. The computer-implemented method claim 18, whereindetermining further comprises determining that (i) the transactionrequest is associated with a transaction having the transaction amountless than or equal to the amount of funds associated with the at leastone financial account, and (ii) the transaction amount is less than orequal to the predetermined transaction amount threshold.
 20. Thecomputer-implemented method of claim 19, further comprising: in responseto determining that the transaction amount exceeds a customer-definedtransaction amount limit, requesting that the customer providetwo-factor authentication; receiving two-factor authentication inputsfrom the customer and authenticate the customer based on the receivedtwo-factor authentication inputs; and in response to determining (i) and(ii) and authenticating the customer, approving and settling thetransaction.